Under what circumstances would someone sell a house or property for $10.00?
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It wasn't.... $1 or $10 (plus other compensation) is a common way of writing value on Deeds, as a way of NOT disclosing the actual sale price.
Many explanations of why here: https://duckduckgo.com/?t=ffab&q=why...on+deed&ia=web
On edit:
WOW - old thread and same answer! I am nothing if not predicable!
I could have started a new thread.
Yes links explain it away but does not tell how a buyer would get $1 on their county search results for buying a property.
Some above say it's quite common. It's not common based on my searching a couple hundred or more properties (last 2-3 years) and only finding $1 or $5 when it is being transferred to a relative by same last name or to the estate. Here you see $5 and clicking deed getting zero results.
If I buy a property I desire $5 too. Who in the process gets that done? The closing attorney through some fee, bribe the county official, etc?
Last edited by howard555; 07-05-2022 at 10:27 AM..
If it has high tax debt or other liens that approach or exceed the value of the property. The buyer pays off / 'redeems' the liens as a pre-condition of the sale and gives the seller next to nothing (e.g. a nominal fee like $1 or $10).
I know of one vacant lot in Clementon NJ for example that has $30k-plus in 10-15 years of unpaid property taxes and is only worth $10-15k on the open market. The same could easily be true of single-family homes in my area that are in delapidated condition and/or less desirable areas e.g. dangerous parts of Camden.
There are many other non-gift reasons such as when a person initially owns a property in their own name and later transfers it to a business entity.
When the name of the seller (grantor) and the name of the buyer (grantee) are not the same.
1. maybe an heir or beneficiary? (but the last name is not the same).........
You don't honestly think that all people who are related have the same last name and if they don't have the same last name, they can't be related?
There are many reasons why a house might change hands with no exchange of money and just as many reasons why two related people don't have the same last name.
The transfer I showed with the above photo was not the any of the "common" reasons.
If I need to begin a new thread on the topic of "how" not "why" I can.
How in the process can the actual sale price over $100K be changed to $1 on the county property records. Closing attorney, county office, etc? Thanks.
The transfer I showed with the above photo was not the any of the "common" reasons.
If I need to begin a new thread on the topic of "how" not "why" I can.
How in the process can the actual sale price over $100K be changed to $1 on the county property records. Closing attorney, county office, etc? Thanks.
They're open today.... call and ask them. And then tell us.
The rules and customs really vary depending on where you are.
Last edited by Diana Holbrook; 07-05-2022 at 12:18 PM..
Someone has some houses coming for sale and they choose their own sale prices. To get an idea of what they sold other properties for I looked in the country records looking for comparable properties that had been sold by this same seller. I noticed one that had the sale price as $1.
This was not to a relative or friend or condemned property, etc.
On that same property I clicked on deed and the deed is not showing in the county records.
So the price it sold for is being hidden from public view. How does a buyer get $1 in the records in case of nosey neighbors, etc?
Thanks.
Nearly 10 years have passed and you still have questions about this, eh?
IF the price listed in the county records is taken from the Deed, then whoever writes the Deed would determine the price which subsequently shows up in the county records.
As Diana mentioned, your best bet is to call the county recording office.
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